Credit Card Fraud Prevention

As a business owner, protecting yourself from fraud when you accept credit card payments is important. BluePay helps by adhering to the payment industry’s rigorous standards for data security. There are steps you can take, too, to spot and avoid possible fraud.

The fraud prevention articles on the BluePay blog aim to help you limit your exposure and reduce the costs to your business that result from credit card fraud. We help you understand important fraud-related topics, such as:

With every passing year, depositing checks becomes easier. Self-service ATMs removed the need to visit banks during normal business hours. And with the rise of mobile deposits, customers don't have to leave their homes at all. They simply scan checks with their smartphones or tablets and deposit the money directly into bank accounts, prepaid cards, mobile wallets, or any other accounts of their choosing.

There are sometimes advantages to being a late adopter. For example, many parts of the developing world lacked extensive telecommunications infrastructure during the 1980s. But then along came mobile technology, and these countries didn’t have to invest in expensive telephone lines. They were able to leapfrog over the older technology completely. And they could also learn from the growing pains of mobile markets that preceded them.

By 2018, EMV credit card penetration in the United States is expected to approach 100 percent. But this is three years after new EMV liability laws go into effect in 2015. Despite being mandatory in most other countries, these chip-enabled credit cards have enjoyed relatively slow adoption in the largest consumer market on the planet.

But why have a deadline at all? And how prepared are American merchants for the transition?

When most people hear POODLE, they think of man’s best friend. Well, actually, most men would probably go for something manlier, like a Pit Bull or Rottweiler, but you get the idea. Regardless, there’s a new POODLE on the block that isn’t the sweet, innocent pup that we’ve all become familiar with. It is a critical security vulnerability that has impacted the SSL 3.0 (v3).

From online commerce to retail shopping to Wall Street, the U.S. is accustomed to being the world’s financial leader. But when it comes to EMV technology, we’re the latecomers to the party.

Short for Europay, MasterCard and Visa, EMV chip-enabled credit cards (“smart cards”) have already become the standard worldwide, championed for their fraud protection and security features. However, despite being nearly 20 years old, EMV technology has barely touched American soil.

Experts predict that by the end of 2014, nearly 8 percent of U.S. debit cards and 25 percent of credit cards will come equipped with chip-enabled EMV technology. And that by 2018, these numbers could approach 100 percent penetration.

EMV credit cards have become the global standard in nearly every major market except the United States. But even this will change as 2015 liability regulations place greater pressure on merchants that have yet to embrace EMVs. If and when fraudulent activity occurs, non-EMV businesses will have to cover losses out-of-pocket.

Traditional swipe & sign credit cards are quickly being phased out in the United States. In their place are Chip & PIN credit cards — a new payment technology that offers greater security and fraud protection.

This transition isn’t only happening in the United States. Chip & PIN credit cards have already become the standard in most parts of the world, with the U.S. being the last major market to reach full compliance.